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Nirmal Bang Report
H1 FY24 saw a slowdown in project awards due to policy guidelines, impacting awarding until November 2023 (2,814 km versus 5,382 km in H1 FY23). Our claims that the government would unveil infrastructure projects before the Lok Sabha elections in order to adhere to the application of the code of conduct.
Construction industry is expected to maintain buoyancy, driven by:
Bharatmala and Sagarmala Pariyojana
Atal Mission for Rejuvenation and Urban Transformation
Jal Jeevan Mission
PM Gati Shaki Plan and
The government’s persistent spending on infrastructure.
Pick-up in awarding activity and improvement in order book position have been observed but at a slower pace.
Easing of raw material and commodity costs to improve margins YoY in Q3 FY24.
Key focus of companies to remain on order book diversification in non-road segments.
Enhanced execution capabilities by companies to support Revenue/Ebitda/profit after tax growth of 7%/9%/9% YoY for our coverage universe.
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